According to Zacks, “PennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of mezzanine debt, senior secured loans and equity investments. The companies in which it invests are typically highly leveraged, often as a result of leveraged buy-outs or other recapitalization transactions. PennantPark’s investment objectives are to generate both current income and capital appreciation through debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC. “
A number of other research firms also recently issued reports on PNNT. BidaskClub downgraded shares of PennantPark Investment from a buy rating to a hold rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. downgraded shares of PennantPark Investment from a neutral rating to an underweight rating and reduced their price target for the stock from $6.50 to $6.00 in a research report on Tuesday, October 29th. Finally, ValuEngine upgraded shares of PennantPark Investment from a sell rating to a hold rating in a research report on Tuesday, December 3rd. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $7.13.
PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings data on Thursday, February 6th. The asset manager reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.02). The company had revenue of $26.00 million for the quarter, compared to analyst estimates of $27.53 million. PennantPark Investment had a return on equity of 7.19% and a net margin of 25.60%. As a group, sell-side analysts anticipate that PennantPark Investment will post 0.67 earnings per share for the current year.
In other PennantPark Investment news, CEO Arthur H. Penn purchased 16,000 shares of PennantPark Investment stock in a transaction dated Monday, December 2nd. The shares were bought at an average cost of $6.17 per share, for a total transaction of $98,720.00. Following the transaction, the chief executive officer now owns 193,410 shares in the company, valued at approximately $1,193,339.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Arthur H. Penn purchased 10,000 shares of PennantPark Investment stock in a transaction dated Wednesday, February 12th. The stock was acquired at an average price of $6.56 per share, for a total transaction of $65,600.00. Following the completion of the transaction, the chief executive officer now owns 193,410 shares in the company, valued at approximately $1,268,769.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 42,000 shares of company stock worth $261,600. Insiders own 3.00% of the company’s stock.
A number of large investors have recently modified their holdings of PNNT. Millennium Management LLC lifted its position in PennantPark Investment by 19,455.7% in the 3rd quarter. Millennium Management LLC now owns 488,893 shares of the asset manager’s stock valued at $3,065,000 after purchasing an additional 486,393 shares during the last quarter. Goldman Sachs Group Inc. bought a new stake in PennantPark Investment in the 4th quarter valued at about $2,274,000. ArrowMark Colorado Holdings LLC lifted its position in PennantPark Investment by 15.5% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,357,856 shares of the asset manager’s stock valued at $15,397,000 after purchasing an additional 316,732 shares during the last quarter. Virtus ETF Advisers LLC lifted its position in PennantPark Investment by 23.6% in the 4th quarter. Virtus ETF Advisers LLC now owns 953,666 shares of the asset manager’s stock valued at $6,227,000 after purchasing an additional 182,070 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in PennantPark Investment by 29.1% in the 4th quarter. Van ECK Associates Corp now owns 749,571 shares of the asset manager’s stock valued at $4,895,000 after purchasing an additional 168,799 shares during the last quarter. Hedge funds and other institutional investors own 39.02% of the company’s stock.
PennantPark Investment Company Profile
PennantPark Investment Corporation specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.
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